The United Arab Emirates (UAE) is one of the most attractive countries in the world especially in terms of career growth, business prospects and investment opportunities, tax-free earnings, residency options as well as political stability.
Through unending foreign investment in the private and public sectors of the economy, the UAE has transformed into a cosmopolitan country having high standards of living, especially in Dubai which is also known as a jewel in the UAE’s crown.
The UAE has been one of the most famous countries of visit for HNWIs, expats and businesspersons for quite some time—and this popularity is only increasing as a result of various incentives and initiatives afforded by the government.
So here is why YOU need a UAE Residency NOW more than ever.
Since 2018, the UAE government chose to freeze administrative charges for the subsequent three years. Other considerations are the introduction of a council to defend the interests of global organizations working in Dubai and a promise to allot 20% of government transactions to SMEs. There are additional measures like fine and expense waivers for business, new instalment choices to spread business costs and legal audits to make speculation into real estate.
In fact, if you’re thinking about migrating to Dubai, there’s no preferable time than right NOW, when the government has promised its dedication to foreign investment and the economic objectives of the country. The UAE government declared another ten-year residency visa for global financial investors and experts in clinical, research, logical and specialized fields. These visas additionally stretch out to relatives, urging long term relocation to the Emirates, particularly for those in innovative or research-based fields. His Highness Sheikh Mohammad Bin Rashid Al Maktoum reported: ‘The UAE will stay a worldwide hotspot for unique talents and a constant country for global financial specialists.This ten-year visa comes with the choice to allow 100% foreign ownership of companies in the UAE.
The UAE was positioned as the safest nation on earth, as indicated by authorities last March, who said 96.1 percent of occupants had a sense of security enough to walk outside around night time. Both Dubai and Abu Dhabi positioned high in the 2019 Safe Cities Index, published in September by The Economist Intelligence Unit. The UAE is home to people of over 200 nationalities and the government has always been welcoming to expatriates. They account for roughly 80% of the total population allowing the country to hold one of the highest percentages of immigrants.
In addition to all the above, the well-organized infrastructure of Dubai; accessibility for inter-city and interstate travel attracts over 16 million tourists yearly. These infrastructure in Dubai provides businessmen with the unlimited investment prospects. Nowadays, when a lot of countries have not still recovered from the effects of the Covid-19 pandemic, Dubai looks ahead with confidence and extends its power globally. Dubai is the best place for investments and it is proven by the actual economic situation in the country. These days a plethora of large-scale projects are commissioned, which attract new investors and entrepreneurs from all around the world.
Furthermore, the UAE does not levy corporate tax, income tax or withholding taxes on corporate entities and individuals. However, it levies corporate tax on oil companies and foreign banks. Excise tax is levied on specific goods which are typically harmful to human health or the environment. 5%Value Added Tax is levied on a majority of goods and services.
With tax benefits, relocating to the UAE is affordable, profitable and simple.
There are many ways of obtaining residence in the UAE such as through a Business Setup or buying a real estate. Foreign citizens relocating to any emirate of the UAE are also allowed to sponsor visas for their family members such as a spouse, children as well as parents once they meet certain requirements. It is important to know that the UAE currently does not offer permanent residency to expats however, retirees from age 55 and above will be granted the new 5-year residence visa if they have an active income of more than AED 20k per month or have a minimum of AED 1M in savings or have properties worth at least AED 2M. This latest development, along with the golden visa and 100% ownership of foreign companies has changed the dynamic of living for expats in the country.
With a UAE Residency you are assured that your family, business and wealth is secured and highly protected within the vehicles available in the country.
All these initiatives and incentives point to every component of UAE life, giving dependability, and encouraging foreign investment.
Indeed, there has never been a better time to consider moving to the UAE than now—relocation has become simpler and easier than ever before.
At Wincore Advisory Group, we assist our clients to obtain world-class alternative residencies in Europe and the UAE. Our team of experienced International Residency and Citizenship experts can support and guide you every step of the process to obtain a UAE Residency.
For Support and assistance on obtaining a UAE residency Get in Touch with our Corporate Team Today
Wincore specializes in Tax, Estate, Corporate and Fiduciary matters. We provide pragmatic, flexible and efficient solutions to individual entrepreneurs, startup businesses, foreign and local SMEs, multinationals, wealthy international families, HNWIs and UHNWIs.